"First-Ever Crypto Market Manipulation Conviction: Trader Found Guilty in $110 Million Scheme"

A 28-year-old man from Puerto Rico, Avraham Eisenberg, has been convicted by a New York federal jury in the first-ever cryptocurrency market manipulation case, involving a $110 million scheme. Eisenberg faces a maximum possible sentence of 20 years in prison for charges of wire fraud, commodities fraud, and commodities manipulation. Prosecutors stated that he fraudulently obtained the cryptocurrency by artificially driving up the price of futures contracts and the MNGO crypto token, with no intention of repaying the borrowed funds. U.S. Attorney Damian Williams emphasized the significance of this prosecution in protecting financial markets, and Eisenberg is scheduled to be sentenced on July 29.